FTI Consulting, Inc. FCN

IndustrialsProfessional & Commercial ServicesUnited States of America

Last close 182.84 USD on Nov 1, 2026, +7.0% year to date

Quant rating

Quant rating B Rank 143 of 486 in Industrials

Growth B 190 of 486
Valuation B 156 of 486
Quality C 220 of 486
Revisions B 179 of 486
Momentum B 152 of 486

Wall Street consensus Buy (2.50)Average target 171.94 USD −6.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.0B
Enterprise value: 5.7B
52-week range: 129.59 – 189.10
3-year range: 129.59 – 231.00
Dividend yield: –
Beta (5 years): −0.10
Shares outstanding: 27.3M
Next earnings: Feb 23, 2027

About the company

FTI Consulting, Inc. is a global business advisory company. The Company’s segment includes Corporate Finance & Restructuring segment focuses on the strategic, operational, financial, transactional and capital needs of its clients; Forensic and Litigation Consulting segment provides law firms, companies, government entities and other interested parties with a multidisciplinary and independent range of services in risk and investigations and disputes; Economic Consulting segment provides law firms, companies, and government entities with analyzes of economic issues for use in international arbitration and legal and regulatory proceedings and strategic decision-making and public policy debates; Technology segment provides companies, law firms, private equity firms and government entities with a portfolio of digital insights and risk management consulting and data services, and Strategic Communications segment provides corporate reputation, financial communications and public affairs.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,789	3,699	3,489	3,029	2,776	–
Revenue growth	2.4%	6.0%	15.2%	9.1%	12.8%	9.0%
EPS (basic, normalized)	8.83	7.99	7.71	6.77	6.76	–
EPS growth	10.5%	3.6%	13.9%	0.1%	–	–
Gross margin	32.1%	32.0%	32.5%	31.8%	31.0%	31.9%
Net margin	7.1%	7.6%	7.9%	7.8%	8.5%	7.8%
ROE	13.6%	13.2%	15.0%	14.4%	15.8%	14.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	88.1
Current ratio	1.72x
Long-term debt (mil)	851
Net debt (mil)	763
Total equity (mil)	1,323
Net debt / equity	0.58x
Net debt / EBITDA	1.65x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,789	+2.4%	1.5x	464	+10.4%	12.4x	8.83	+10.5%	20.7x
2026	4,003	+5.7%	1.4x	441	−4.8%	13.0x	9.61	+8.8%	19.0x
2027	4,218	+5.4%	1.4x	487	+10.5%	11.8x	11.14	+15.9%	16.4x
2028	4,468	+5.9%	1.3x	516	+6.0%	11.1x	12.19	+9.5%	15.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,003	−0.1%	−0.1%	−0.7%	9.61	+3.3%	+3.6%	+3.6%
2027	4,218	−1.7%	−1.6%	−2.2%	11.14	+1.9%	+1.7%	+0.4%
2028	4,468	−1.7%	−1.7%	−1.5%	12.19	−0.1%	−0.2%	+0.2%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	929	949	926	895	898	944	956	991	983	993
Sales mean (mil)	902	939	946	914	907	912	945	919	971	998
Surprise	+3.0%	+1.1%	−2.1%	−2.0%	−0.9%	+3.4%	+1.2%	+7.9%	+1.3%	−0.4%
EPS reported	2.23	2.34	1.85	1.56	2.29	2.13	2.60	1.78	1.90	2.16
EPS mean	1.87	2.02	2.06	1.73	1.79	1.90	1.99	1.46	2.07	2.26
Surprise	+19.5%	+15.7%	−10.0%	−9.7%	+27.7%	+11.9%	+30.4%	+21.6%	−8.1%	−4.4%

Peer comparison Professional & Commercial Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FCN FTI Consulting, Inc.	5.0B	1.65x	7.1%	3.76x	19.0x	16.4x	13.0x	11.8x
SPGI S&P Global Inc.	135.3B	2.06x	29.2%	6.86x	26.1x	23.2x	18.9x	17.8x
WM Waste Management Inc	92.8B	3.05x	10.7%	9.41x	28.8x	26.1x	14.2x	13.3x
MCO Moody's Corporation	85.2B	1.38x	31.9%	26.06x	29.5x	26.5x	20.6x	19.1x
RSG Republic Services Inc	74.4B	2.63x	12.9%	6.08x	33.6x	30.4x	15.9x	14.9x
WCN Waste Connections, Inc.	46.0B	2.99x	11.4%	5.83x	32.3x	29.8x	16.5x	15.4x
Mean		2.29x	17.2%	9.67x	28.2x	25.4x	16.5x	15.4x
Median		2.35x	12.1%	6.47x	29.1x	26.3x	16.2x	15.2x

Technical analysis

1M+38.2%
3M+9.4%
1Y+7.5%
3Y−15.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, FTI Consulting, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,789	3,699	3,489	3,029	2,776	2,461
Cost of revenue	2,571	2,517	2,354	2,066	1,916	1,673
Gross profit	1,217	1,182	1,135	963	861	789
Selling, general & administrative expenses	800	822	751	641	538	488
Research & development	–	–	–	–	–	–
Depreciation/amortization	3.5	4.2	6.2	9.6	10.8	10.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	25.3	8.2	0	8.3	0	7.1
Other operating expenses	0	0	0	0	0	0
Operating income	389	347	378	304	312	283
Net interest income (expense)	−18.6	2.1	−18.5	−5.4	−14.4	−20.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.5	1.3	−0.7	−0.8	0.3	0
Net income before taxes	371	351	358	298	298	262
Provision for taxes	100	70.7	83.5	62.2	63.0	51.8
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	271	280	275	236	235	211
Extraordinary items	–	–	–	–	0	0
Net income	271	280	275	236	235	211
EBIT, normalized	414	356	378	312	312	290
EBITDA, normalized	464	404	425	358	357	333
Basic EPS, normalized	8.83	7.99	7.71	6.77	6.76	–

Balance sheet in millions of USD, fiscal years

Balance sheet, FTI Consulting, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	265	660	329	492	494	295
Receivables	1,140	1,072	1,148	934	792	757
Total inventory	–	–	–	–	–	–
Prepaid expenses	64.2	57.0	51.1	46.9	52.8	48.2
Other current assets	48.6	30.3	27.4	37.6	31.2	29.6
Total current assets	1,518	1,820	1,555	1,511	1,370	1,130
Property, plant & equipment	371	349	369	357	358	258
Goodwill	1,243	1,227	1,235	1,228	1,233	1,235
Intangibles	13.5	16.8	18.3	25.5	32.0	41.5
Long-term investments	–	–	–	–	–	–
Note receivable	251	109	75.4	56.0	53.5	61.1
Other long-term assets	95.1	76.3	73.6	64.5	54.4	51.8
Total assets	3,491	3,597	3,326	3,241	3,101	2,777
Liabilities
Accounts payable	15.0	26.0	21.7	20.3	16.2	13.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	847	757	710	641	602	567
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	113	149	161	108	99.8	90.4
Total current liabilities	975	932	893	769	718	670
Long-term debt	365	0	0	315	297	286
Minority interest	–	–	–	–	–	–
Other liabilities	417	407	452	475	502	421
Total liabilities	1,757	1,339	1,344	1,560	1,518	1,377
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.3	0.4	0.4	0.3	0.3	0.3
Additional paid-in capital	0.4	39.6	16.8	0	13.7	0
Retained earnings (accumulated deficit)	1,863	2,395	2,115	1,858	1,698	1,506
Treasury stock	–	–	–	–	–	–
Other equity	−130	−177	−150	−177	−129	−106
Total equity	1,734	2,258	1,981	1,682	1,583	1,400
Total liabilities & shareholders' equity	3,491	3,597	3,326	3,241	3,101	2,777

Cash flow statement in millions of USD, fiscal years

Cash flow statement, FTI Consulting, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	271	280	275	236	235	211
Depreciation, depletion & amortization	49.2	48.1	47.2	45.5	45.1	43.0
Deferred taxes	23.7	−16.6	−25.5	−10.5	5.0	−9.1
Non-cash items	157	141	70.4	49.5	50.6	59.4
Changes in working capital	−349	−57.2	−143	−131	19.9	23.0
Cash from operations	152	395	224	189	355	327
Investing activities
Capital expenditures	−58.5	−35.4	−49.5	−53.3	−68.7	−34.9
Other investing cash flows	0	25.2	−24.4	−6.7	−10.4	−25.3
Cash from investing	−58.5	−10.2	−73.8	−60.1	−79.1	−60.1
Financing activities
Financing cash flow items	−18.2	−16.1	−17.9	−20.6	−15.5	−6.5
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−492	0.7	−337	−85.4	−46.1	−354
Cash from financing	−510	−15.4	−355	−106	−61.7	−360
Foreign exchange effects	21.5	−12.3	15.6	−25.5	−15.2	18.7
Net change in cash	−395	357	−188	−2.8	200	−74.4
Free cash flow	93.6	360	175	135	287	292

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.